Value Fund

Overview

Objective Seeks capital appreciation and, secondarily, current income.
Strategy Invests in a diversified portfolio of equity securities of companies that represent excellent value relative to their current price. The Fund seeks a higher return than the market index over time as the stocks it purchases rise in price to more normal valuations.
The Management Team The Fund is managed by the Equity Strategy Team, a group of senior-level investment professionals who average 38 years of experience.
Risk/Return On a low to high scale of 1–7, the risk level is 4
In general, greater returns are associated with greater risks.
 
 

Fund Statistics

Inception Date 03/03/97
Ticker Symbol CFVLX
Cusip 200626828
Minimum Initial Investment $1,000
 

Commentary

Value equities posted modest gains during the third quarter of 2026, supported by a strong corporate earnings season. Investors rotated into large companies tied to the AI buildout, while Energy was the top-performing sector as higher oil prices and rising geopolitical tensions supported the group. Rising Treasury yields, persistent inflation, and the Federal Reserve’s September rate hike weighed on rate-sensitive sectors, with Utilities, Industrials, and Real Estate lagging. The Commerce Value Fund’s return of 1.98% slightly trailed the Russell 1000 Value return of 2.61%.

Stock selection detracted to the Fund’s performance. The Fund’s strongest contributors were Agilent Technologies Inc. (1.19%), Southern Copper Corporation (1.92%), and Amgen Inc. (1.93%), returning 29.72%, 18.34%, and 17.07%, respectively. The Fund’s top detractors were KLA Corporation (0.00%), Home Depot Inc. (1.88%), and McDonald’s Corporation (1.90%), returning -37.51%, -18.74%, and -13.96%, respectively.

The Fund’s sector allocation added to performance for the quarter. The Fund’s 1.25% overweight position in the Energy sector helped performance as it was a stronger sector for the quarter, returning 16.42%. The Index had a 6.00% weight in the Energy sector. However, the Fund’s 1.4% underweight in the Information Technology sector hurt performance as it was the strongest sector, returning 12.82%. The Index had a 18.95% weight in the Information Technology sector.

 
 
Total Fund Assets as of 9/30/2026 $213,900,299
Net Asset Value1 $36.05
Asset Allocation  
Equities 99.4%
Cash 0.6%
Weighted Average Market Capitalization $817.0 billion
 

Top 10 Equity Holdings2 as of 9/30/2026

Amazon.com Inc 5.6%
JP Morgan Chase & Co. 5.5%
Microsoft Inc 4.8%
Berkshire Hathaway Inc 2.3%
JP Morgan Chase & Co 2.2%
Cisco Systems Inc 2.0%
Amgen Inc 2.0%
Exxonmobile Holdings Corp 2.0%
Southern Copper Corp 2.0%
Eaton Corp 2.0%
The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

Commerce Value Holdings 

Footnotes:

  1. The Net Asset Value represents the assets of the fund (ex dividend) by the total number of shares.
  2. The composition of the portfolio is subject to change in the future.
  3. The Russell 1000 Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any fees or expenses.
  4. Please click the links for additional disclosures.